Residential real estate developer Cordia has announced loan deals to the total value of HUF 27.7 billion with OTP Bank, Takarék Group, and Sberbank, in order to finance the companyʼs five Budapest projects, says a press release sent to the Budapest Business Journal.
The largest loan of HUF 17.5 bln will come from OTP Bank and will go towards financing the first two stages of Cordiaʼs District 13 Marina Life project, as well as the 306-apartment Akadémia Garden development in District 9. Some 70% of Marina Life I. apartments are already sold, with the rate standing at 35% in the case of Akadémia Garden.
A further HUF 5.6 bln loan will be provided by Takarék Group to finance the third stage of the 215-home Young City project, near the Pest bridgehead of Árpád Bridge in District 13. Some 35% of the projectʼs apartments are already sold.
Russiaʼs Sberbank will provide Cordia with a loan of HUF 4.6 bln for its 112-apartment Sasad Hilltop project in District 11. Half of the projectʼs apartments are sold. Cordia bought the empty plots of Sasad Resort, and is planning to complete a total of 850 apartments by 2021, to the value of about HUF 40 bln.
In January, Cordia already announced sealing loan deals worth HUF 16.3 bln with OTP Bank and Takarék Group.
"These contracts signal the further recognition that our company is regarded as a trusted partner among domestic residential developers," said Cordia financing expert Erika Győr-Klézl. "Our valuable, long-standing connection network with banks is partially built on the fact that, during its one-and-a-half decades of operation, Cordia did well towards financing credit institutions, subcontractors, as well as its customers, and managed to complete every one of the projects it started. Naturally, these principles are still defining our operations."
Cordia is a subsidiary of the highly capitalized, Hungarian-owned Futureal Group, one of Central Europe’s largest property development and investment groups, according to its website.